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Bond Liquidity Vacuum Spurs Europe’s Investors to Shrink Trades

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Sometimes less is more. At least according to investment managers trying to navigate Europe’s credit markets.

TwentyFour Asset Management capped a bond fund to new investors at 750 million pounds ($1.2 billion) and JPMorgan Asset Management, which is marketing a 128 million-pound fund, said smaller investments are more flexible in a sell-off. Other managers are also limiting the size of their trades and using derivatives to avoid getting trapped in positions.